Breaking: 3 things the Paradise Papers reveal about Dangote’s hidden money

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The richest man in Africa has been hiding a large chunk of his wealth from public view, and free from tax for a long time. This is the latest revelation from the Paradise Papers.

The money is reportedly wrapped up in safe offshore accounts through shell companies on Island nations considered as tax havens and notoriously known for hiding money for the strikingly rich.

Information obtained by media sources from the recently leaked Paradise Papers show how much Dangote has hidden in some offshore tax havens, where and when the money was hidden.

Where is the money hidden

According to a recent media report on information extracted from the Paradise Papers, Aliko Dangote has a significant fortune in two offshore havens. The Cayman Islands in the Caribbean and Mauritius, an Indian Ocean Island nation known for tourism are mentioned in reports. This is in addition to his wealth hidden in Seychelles, as revealed by the Panama Papers in 2016. According to the current leaks, Dangote has a the major bulk in a company called Greenview, domiciled in the Cayman Islands while he has invested some money in Carlyle Sub-Saharan Fund Limited, operating in Mauritius.

How much money is hidden

Reports say the amount of Dangote’s hidden money revealed in the Paradise papers is over $5.8 billion. Enquiries by media sources indicate that $5.8 billion equity is held in Greenview while over $50 million was invested in the Carlyle Sub-Saharan Fund Limited .

When was the money hidden

According to information revealed by the Paradise Papers, Greenview was   originally incorporated by Mr Dangote in Panama in 1994.

Documents show that a certain Vernon Emmanuel (who doubles as the president of the company), Delio Mela and LiliaTovar De Leon were appointed nominee directors when the company was first incorporated on July 16, 1994. Nominee directors are residents of a tax haven paid to hide identities of real owners of offshore companies.

On June 30, 2015, two months before they resigned, the nominee directors, held a stakeholders meeting and agreed to transfer the jurisdiction of the company from Panama to the Cayman Island.

Founded in 2011 and headed by an experienced team of Africans, Carlyle’s Sub-Saharan Africa investment advisory team, based in Johannesburg, South Africa and Lagos, Nigeria, is one of the most experienced private equity teams on the African continent with over 50 years of combined private equity experience as well as extensive experience in M&A, project finance, consulting and operations, including 30 years in Sub-Saharan Africa,” the company says of itself.

 

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